3 Cheap and Fast Ways to Send Money to Your Family in Nigeria
There are three primary options available for you to send money online to your family in Nigeria. While they all work to achieve the same aim, the working principle of each one is different.
Bank Transfer involves using your local bank to send money directly from your account to the recipient's account. The payment processing is handled between your bank and that of the recipient in Nigeria. The two banks involved also get to determine the fee of the transaction.
Wire transfer involves using services like Western Union, Ria or other money transfer services. To use this service, you must physically go to the bank and make the transfer. You can initiate this transaction by filling a form at the bank. In the form, you will fill the recipient's bank account number and the ABA routing number. The funds are then transferred between the network of banks affiliated with the platform before it eventually gets to the recipient's account.
Money Transfer Apps
This is a modern means of sending money to other countries. The funds are transmitted digitally using the peer-to-peer model. It involves the use of a software app that has a digital wallet installed. Your debit card or bank account is then connected to the app.
This medium allows you to send money through electronic means to the recipient. If the receiver has the same app installed, they can gain access by withdrawing into their bank account.
Alternatively, they can use the wallet to make online transactions. The flexibility, speed, reliability, acceptance, and popularity of money transfer apps keep increasing daily.